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January 2021 Forward-Looking Statements and Disclaimer

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Creating Differentiated Therapies to Improve the Lives of Cancer Patients January 2021 Forward-Looking Statements and Disclaimer Zentalis Pharmaceuticals, Inc. (“we,” “us,” “our,” “Zentalis” or the “Company”) cautions that this presentation (including oral commentary that accompanies this presentation) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our future financial or business performance, plans, prospects, trends or strategies, objectives of management, competition and other financial and business matters; the potential, safety, efficacy, and regulatory and clinical progress of our current and prospective product candidates, planned clinical trials and preclinical activities, and projected research and development costs; our current and prospective collaborations; the estimated size of the market for our product candidates; and the timing and success of our development and commercialization of our anticipated product candidates and the market acceptance thereof are forward-looking statements, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the outbreak of the novel coronavirus disease, COVID-19, has adversely impacted and may continue to adversely impact our business, including our preclinical studies and clinical trials; our limited operating history, which may make it difficult to evaluate our current business and predict our future success and viability; we have and expect to continue to incur significant losses; our need for additional funding, which may not be available; our substantial dependence on the success of our lead product candidate; failure to identify additional product candidates and develop or commercialize marketable products; the early stage of our development efforts; potential unforeseen events during clinical trials could cause delays or other adverse consequences; risks relating to the regulatory approval process or ongoing regulatory obligations; failure to obtain U.S. or international marketing approval; our product candidates may cause serious adverse side effects; inability to maintain our collaborations, or the failure of these collaborations; our reliance on third parties; effects of significant competition; the possibility of system failures or security breaches; risks relating to intellectual property; our ability to attract, retain and motivate qualified personnel; and significant costs as a result of operating as a public company. These and other important factors discussed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 filed with the U.S. Securities and Exchange Commission (SEC) and our other filings with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this presentation. Any such forward-looking statements represent management’s estimates as of the date of this presentation. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. While we may elect to update these forward-looking statements at some point in the future, we assume no obligation to update or revise any forward-looking statements except to the extent required by applicable law. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. Neither we nor our affiliates, advisors or representatives makes any representation as to the accuracy or completeness of that data or undertake to update such data after the date of this presentation. Data of Fulvestrant, RAD1901, Abemaciclib, Alpelisib, AZD1775, Venetoclax and Osimertinib presented in this presentation is based on evaluation of comparable proxy chemical compounds purchased from commercial sources rather than the pharmaceutical company commercializing or developing, as applicable, the compound. 2 Zentalis Overview Integrated Discovery Engine has produced 4 FDA-cleared 1 INDs in 5 years Our Mission: Potentially differentiated lead programs: oral SERD for 2 breast cancer (ZN-c5) and WEE1 for solid tumors (ZN-c3) Discover and Develop Revolutionary Medicines to 3 Additional pipeline programs targeting fundamental cancer pathways: BCL-2 (ZN-d5) and EGFR (ZN-e4) Improve the Lives of Patients Globally Potential for internal and third-party combination 4 strategies across portfolio Experienced management, seasoned SAB, leading life 5 sciences investors and large cap pharma partners 3 Zentalis Leadership Experienced Management Team Anthony Sun, M.D., MBA Peter Huang, Ph.D. Chairman and Chief Executive Officer Senior Vice President, Discovery Research Ahmed Samatar, Ph.D. Kevin Bunker, Ph.D. Senior Vice President, Oncology Research Chief Operating Officer Dimitris Voliotis, M.D. Senior Vice President, Clinical Development Melissa Epperly, MBA Chief Financial Officer Orna Bornstein, Ph.D. Vice President, Clinical Operations Cam Gallagher, MBA Executive Director Robert DiVasto, P.E. Vice President, Manufacturing and Supply Alexis Pinto, J.D. Meena Rao, Ph.D. Chief Legal Officer Vice President, Regulatory Affairs 4 Zentalis Advisory Boards Scientific Advisory Board Mayo Clinic Advisory Board Anthony Letai, M.D., Ph.D. Stephen Ansell, M.D., Ph.D. Ross Levine, M.D. Andrew Badley, M.D. Donald McDonnell, Ph.D. Shaji Kumar, M.D. Kwok-Kin Wong, M.D., Ph.D. 5 Highly Efficient ‘Integrated Discovery Engine’ Cleared four INDs in five years and expect to file fifth IND in 2021 1 3 IDENTIFY fundamental CREATE proprietary NCEs biological pathways CANCER MEDICINAL designed to address of cancers BIOLOGY CHEMISTRY observed limitations 2 4 ANALYZE key compounds GENERATE strong preclinical targeting these pathways and NEW TECHNOLOGIES evidence to support assess their limitations + Genomic potentially differentiated Discovery development profiles Platform 6 Broad Oncology Pipeline Designed to Improve Patient Outcomes IND Enabling Phase 1/2 Phase 3 Collaborator (1) ZN-c5: Oral SERD Monotherapy Breast Cancer Combinations ZN-c3: WEE1 Inhibitor Monotherapy Solid Tumors Combinations ZN-d5: BCL-2 Inhibitor AML or Non-Hodgkin’s Lymphoma Monotherapy Breast Cancer Combination with ZN-c5 ZN-e4: EGFR NSCLC (1) Zentalis is currently evaluating ZN-c5 in combination with palbociclib (Ibrance), as part of a clinical research collaboration with Pfizer, and intends to evaluate ZN-c5 in combination with abemaciclib (Verzenio), as part of a clinical research collaboration with Lilly. Zentalis maintains full ownership of ZN-c5 in each such collaboration. SciClone has development and commercial rights to ZN-e4 in Greater China (including Macau and Hong Kong), South Korea, Taiwan and Vietnam. Zentera, our majority-owned joint venture, has development and commercial rights to ZN-c5, ZN-c3 and ZN-d5 in select Asian countries (including China). Zentera intends to submit an IND in China for each 7 of ZN-c5, ZN-c3 and ZN-d5 in 2021. Progress Since Our IPO and Follow-on Use of Proceeds Recent Trial Initiations 2021 Milestones Multiple Clinical Milestones Achieved: ➢ ZN-c5: ✓ ZN-c5: • Initiate Phase 1b combination study with ZN-d5 • 40% Clinical Benefit Rate (CBR) from • Initiate Phase 2/3 monotherapy study in earlier-stage monotherapy dose escalation study patients • 4Q 2020: Initiated Phase 1b combination ➢ ZN-c3: study with abemaciclib in collaboration with • Initiate Phase 1 combination trial with PARP inhibitors Eli Lilly in ovarian cancer ✓ ZN-c3: • Initiate Phase 2 monotherapy trial for uterine serous • Promising initial pharmacokinetic and safety carcinoma (USC) data ➢ ZN-d5: • 4Q 2020: Initiated Phase 1 combination study with chemotherapy in ovarian cancer • Initiate Phase 1b combination study with ZN-c5 ✓ ZN-d5: ➢ ZN-e4: • 4Q 2020: Initiated a Phase 1 monotherapy • Initial results from dose escalation study study in AML and Non-Hodgkin’s Lymphoma 8 ZN-c5: Oral SERD 9 ZN-c5: Oral SERD Candidate for ER+/HER2- Breast Cancer 1 2 3 IDENTIFY: SERD ANALYZE: Fulvestrant CREATE: ZN-c5 • Clinically validated approach
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